Person Root Tag

The Department of Finance told department heads it will be re-evaluating budget requests under a workload budget scenario.

President Donald Trump wants to re-open the U.S. economy by mid-April but Americans may take some persuading that it’s safe to emerge, said Federal Reserve Bank of St. Louis President James Bullard.

The Citizens Budget Commission is calling for far larger cost cutting and predicts that New York City could see $20 billion of lost revenues over three fiscal years.

The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.

The mayor cited COVID-19 as a spending priority while cases in his city represent more than one-third of the nation's total.

President Donald Trump said he called Federal Reserve Chairman Jerome Powell on Monday to thank him for his efforts to fight an economic slowdown from the coronavirus outbreak.

Federal Reserve Bank of St. Louis President James Bullard said the U.S. should declare the equivalent of a three-month break for nonessential businesses to fight the spread of the coronavirus.

The comptroller called for passage of a federal rescue bill and measures to shore up the city budget.

The Medicaid Redesign Team would pare spending on state hospitals by nearly $400 million and projects $1.6 billion in savings overall.

"I think it's way too early to determine how we're going to adjust the budget," the mayor said.

The comptroller, citing projected losses in entertainment and tourism while the city is virtually closed, called for a savings target of 4% of tax levy-funded agency spending.

The Federal Open Market Committee lowered the fed funds rate target to between zero and ¼% in an emergency meeting on Sunday, but while analysts say the move was needed, they feel it will take more to offset the effects of COVID-19.

How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.

Chairman Patrick Foye says that the outbreak has no material effect for now, and the authority promises to continue timely disclosure.

In budget talks, House Speaker José Oliva says lawmakers will discuss how to prepare for a recession that may result from the economic impacts of COVID-19.

Express lanes are the latest target for the anti-toll lawmakers tolls who last year tried to tie the hands of the Miami-Dade County Expressway Authority.

Federal Reserve Bank of St. Louis President James Bullard said markets are wrong to assume that the central bank will cut rates again at the policy meeting in two weeks.

Looming state budget cuts combined with the COVID-19 threat could have a negative impact on NYC's economy.

The Federal Open Market Committee cut the fed funds rate target 50 basis points to a range between 1% and 1.25%, it announced Tuesday.

The Federal Reserve is monitoring the COVID-19 issue and its economic effects, according to a release from the central bank, attributed to Chairman Jerome Powell, released Friday.